BlackRock Joins Forces with BNY to Tokenize Shares of $150B Treasury Trust Fund, According to SEC Filing

BlackRock & BNY Mellon Unveil Blockchain-Based Share Class for $150B Treasury Trust

BlackRock has enlisted BNY Mellon to pilot a blockchain-enabled share class for its $150 billion Liquidity Treasury Trust money market fund, according to a recent SEC filing.

Dubbed “DLT Shares” (Distributed Ledger Technology Shares), the new share class won’t hold cryptocurrencies. Instead, BNY Mellon—acting as the fund’s sole distributor—will record ownership on a blockchain ledger, streamlining back-office operations and signaling a move toward tokenized cash and securities in mainstream finance.

The initiative follows a broader industry push to represent real-world assets on blockchains. Just days earlier, fintech firm Libre announced plans to tokenize $500 million of Telegram’s $2.4 billion debt on the TON network.

As of April 29, BlackRock’s Liquidity Treasury Trust managed more than $150 billion in assets. Institutional investors must commit at least $3 million to access the DLT share class, though there are no minimums on additional buys. The proposal remains preliminary and pending regulatory approval.

This venture builds on BlackRock’s existing tokenization efforts. Its BUIDL fund—launched with Securitize—now holds over $1.7 billion in digital-asset positions and recently expanded to the Solana blockchain.

In his 2025 shareholder letter, CEO Larry Fink underscored tokenization’s promise—and the risk to U.S. financial leadership if national debt goes unchecked. “Failure to control our debt could see America’s dollar dethroned by digital assets like Bitcoin,” Fink warned. “DeFi can make markets faster, cheaper, more transparent—but it can also erode our economic advantage.”